I recently pulled the origional motor out of my '79 Ranchero and found that it has an FMX tranny and not the C4 that I thought it did. I plan on taking the drivetrain out of my '72 Gran Torino (302/C4) and at least putting the 302 into the Ranchero but am not sure which tranny to go with. The 302 should put out about 350-370 ftlbs of torque and dont want to worry about breakage.
I'm aok with the FMX. Lots of haters out there but it's a great trans. C4 can be made to work but you'll end up putting a lot more cash in it to make up for smaller surface area clutches made to work harder.